Preventing Underinsured Property Losses: 4 Key Drivers
Imagine this scenario: A mid-sized city believes its community center is fully insured. Then a fire breaks out, consuming the building. When the smoke clears, the insurance policy, based on a $10 million replacement cost, falls $2 million short of the true rebuilding cost once debris removal, code updates, and urgent contractor premiums are included. […]
Property Insurance Appraisal Pilots: What They Are and How They Help
When you’re managing property insurance for complex public entities like a state or risk pool, committing to a full-scale appraisal project can seem like a large leap of faith. For these multi-stage, multi-year operations, you need the assurance your appraisal partner is the right one for your organization with a process you can trust. That’s […]
Ensuring the Success of Large Appraisal Projects
by Chad Sedlacek, Central Regional Manager, Appraisal Services When you need to tackle a large appraisal project for your organization, it can seem overwhelming. To complete it successfully, you need a structured approach. Here at Centurisk, we have years of expertise in implementing large appraisal projects for our clients. Check out the framework we use […]
Keeping Values for Insurance Current in Non-Appraisal Years
by Ryan Tate, Centurisk Director, U.S. East At Centurisk, we deal with customers of all sizes. From small cities, school districts, and colleges to large cities, major universities, risk pools, and even states. For the most part, the general needs are the same. Each customer wants detailed property data, accurate valuations and, of course, to […]
Best Practices for Appraising Unique Properties
by Melvin Ngayan, Director of Appraisal Services East When it comes to appraising unique properties for insurance replacement cost —like zoos, historical buildings, arenas, monuments, statues, and one-of-a-kind architectural marvels— the process can be intricate and demanding. As a risk manager for the insured organization, you become a guardian of these historically-, functionally- or architecturally-important […]
Reviewing Property Appraisal Data for Better Quality Control
by Gary Tate, Quality Control Manager Ensuring Appraisal Data Integrity When it comes to determining insurance ratings and rates, having accurate insurance appraisal data is crucial for more informed decision-making — both for insureds and insurers alike. Quality control reviews play a pivotal role in maintaining data integrity, safeguarding against errors, and enhancing data confidence. […]
Property Valuation Trend Factors for 2024 and How to Deal with Large Fluctuations
Understanding trend factors and how to manage their impact on property valuation is crucial in today’s dynamic insurance landscape. As organizations navigate through market fluctuations and economic shifts, the replacement cost value of properties can experience significant increases over time, directly influencing insurance premiums and risk exposure. Replacement cost value represents the expense required to […]
Replacement Costs and Understanding the Value of a Building for Insurance Purposes
Replacement, reproduction and reconstruction costs… oh my! There are many different approaches to establishing the value of a building or structure. Selecting the best option for you will not only depend on your ultimate goal but also the manner in which the value is determined. Let’s take a look at the six different types of […]
Convective Storm Modeling: The Difference is in the Details
You’re likely already familiar with catastrophe (CAT) modeling, a method of determining risk exposure in hurricane- or earthquake-prone regions. But look out your window right now. Do you spy dark gray rainclouds on the horizon? If so, you might just be looking at a convective storm, and this common weather pattern is changing the face […]
Earthquake Risks: How Architectural Features Affect Seismic Resistance
The age-old saying, “The bigger they are the harder they fall” is believed to have originally come from boxing. But for those of us in property risk management, it’s also a fair description of how buildings of certain structural types can react to seismic events. In fact, there are a lot of architectural and logistical […]